Eight Ways to Find Cash When Opportunity Knocks

Following a disciplined financial security plan gives you the means to tap into your accumulated assets when needs or opportunities arise. If you want to advance your education, make a major purchase, invest in a business or take care of an urgent need, you’ll have options.

Build and Find the Funds for Your Dreams
Of course, those who are committed to a financial security plan over time will have more to work with. In general, the more you save and the longer you do so, the more you will accumulate. When the time comes to tap your reserves for an important need or opportunity, here are some possibilities for gathering the funds you may need:

1. Withdraw from your savings or money market account, or cash in a certificate of deposit that has reached maturity.
    
2. Tap your emergency fund – The funds are there to help smooth the bumps in your financial life, so use this accessible and liquid fund to handle urgent needs such as unexpected expenses or essential repairs. Be sure to restore the fund balance as soon as possible. If you don’t have an emergency fund, begin building one with the goal of accumulating enough to cover four-to-six months of living expenses.
    
3. Use 529 accounts or other education funds for appropriate expenses – Be sure to consult your tax advisor about tax deductions and restrictions.
    
4. Adjust your payroll tax withholding – If you received a large tax refund last year, you might be able to increase your take-home pay by completing a new W-4 form for your employer. Check the Internal Revenue Service Withholding Calculator or consult your tax adviser for the right amounts.
    
5. Borrow against the cash value of your permanent life insurance – Loans against your life insurance policy can be paid back over time or will be deducted from the life insurance benefit.
    
6. Sell investments – Liquidating stocks, bonds or other investments that are not part of your qualified retirement plan can help you raise capital you need, just be sure to track any gains in value and set aside enough to pay taxes on the income with your tax return.
    
7. Sell unused assets and belongings – You can generate income from unused home furnishings, collectibles, antiques and other items using Internet sites like eBay, amazon.com and their local counterparts. In addition, jewelers are purchasing gold at premium prices. For maximum return, be sure to do your research and set prices that are competitive with similar merchandise.
    
8. Explore business loans and grants – If you are starting or expanding a business, looking to upgrade in a new facility or recovering from a disaster, you may qualify for loans or grants from the Small Business Administration.

Your financial representative can help you create and implement a financial security plan based on your specific situation so you can build assets over time that will be available when you need them.